Hawaiian Electric Industries (HE) FY2023 results: revenue $3.3 billion, down 3.9% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $3.3 billion for fiscal 2023, the year ended 31 December 2023, down 3.9% on the year before. Net income was $201 million, down 17.2%, and diluted earnings per share $1.81. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$3.3 billion
-3.9% on the year
FY2016FY2023
Operating margin
8.4%
8.2% a year earlier
FY2016FY2023
Net income
$201 million
-17.2% on the year
FY2016FY2023
Diluted EPS
$1.81
-17.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
551
454
376
+21.3%
Capital expenditure
443
339
315
+30.5%
Free cash flow
109
115
61.1
-5.6%
Free cash flow margin
3.3%
3.4%
2.1%
Cash from investing
-257
-1,129
-1,180
Cash from financing
196
568
756
-65.5%
Depreciation and amortisation
282
270
279
+4.4%
Share-based compensation
6.8
7.5
9.1
-9.0%
Dividends paid
74.0
111
149
-33.5%
Dividend per share
$1.08
$1.40
$1.36
-22.9%
Diluted shares, weighted
110m
110m
110m
+0.2%
Shares outstanding at period end
110m
109m
109m
+0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,345
2,202
2,391
+6.5%
Redeemable equity
34.3
34.3
34.3
0.0%
Deposits
8,146
8,170
8,172
-0.3%
Debt
2,842
3,253
2,464
-12.6%
Operating lease liabilities
70.0
n/a
n/a
Finance lease liabilities
331
n/a
n/a
Other liabilities
n/a
2,625
2,761
Total liabilities and equity
7,677
16,284
15,823
-52.9%
Fixed assets
5,963
5,687
5,392
+4.9%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
2,338
2,681
3,097
-12.8%
Loans
6,106
5,907
5,140
+3.4%
Cash and equivalents
244
43.7
306
+458.2%
Receivables
547
n/a
n/a
Other assets
n/a
1,883
1,806
Total assets
7,677
16,284
15,823
-52.9%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.